we'll have more gary kaminsky from the global conference on cnbc. coming up on this show we'll head to the pits to find out what's happening with oil. oil is down, will that feed through to you at the pump? and apple's new product line a look at whether devices like the new ipad mini can help woo new investors. "the halftime report" returns in a minute. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trus

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, managing director of team kaminsky. assume you told gary this story many times. right? i assume you heard it many times. knives in california at the time. i graduated college a couple of years earlier. i was en route to come back here to go business school. i heard some crazy stories. tell us what it was like on that day. >> as we look at pictures like this. >> look at that. >> gary's graduation from college. >> earlier on the show jack was talking about what happened at the cme in the days before and i had been involved overseas for quarters and there was a real problem developing between germany and the u.s. meeting up earlier that week. >> over the dollar and deutsche mark. you saw something in the market and especially friday. and you knew this was bad. then because of the way things worked there wasn't instantaneous 24 hour trading. things were building. you knew it was going to be bad on monday. nobody knew how bad. we came into work early. as soon as trading started, prices went down. the word went out the people

kaminski: cryptosporidium was a wake-up call. it was a wake-up call for us. it's a wake-up call for the nation. take care of your infrastructure before you have the kind of problem we had. biedrzycki: by no stretch of the imagination do i think we're out of the woods. recent cdc statistics indicate that up to 32 million cases of waterborne disease occur each year in this country. roy: but the vast majority of waterborne outbreaks go undetected. when people first get ill, they think, "oh, it's something i ate last night." they don't think, "oh, it's something i drank last night." narrator: the milwaukee incident pointed out the potential vulnerability of our drinking water infrastructure in controlling the spread of illness. biedrzycki: it's incumbent upon us to try to stay ahead of the curve, but it's very, very difficult. there's always another bug on the horizon. narrator: in 2008, the associated press reported that water quality testing across the nation uncovered trace amounts of pharmaceutical compounds in the drinking water supplies of millions of ameri

for that we'll go to gary kaminsky. what are traders telling you? >> i haven't been able to listen to you guys so i apologize in advance if i repeat things. the opening was about 85% on the buy side. things functioned very well at the opening. things are very slow right now in terms of connectivity. a lot has to do with the fact that member firms are trying to get information. opening was strong in terms of what was there and what actually happened. right now it's sort of mixed in terms of trying to get data here. i'm at the post here. things are slow. that's not the typical normal pattern in trying to execute orders. >> the session is moving along. >> i know we have talked a lot about the fact there are people working remotely and they are going to in an attempt to normalize this. it's the end of the fiscal year for mutual funds and end of the year. i continue to really think there's just a tremendous amount of people that are not going to be active today because as we talk about no-nos, it's not the kind of day you want to make major bets. the sen

you'll have gary kaminsky on later.fferent level from his friends. >> a two handle for the first time in a long time here. is that the one to watch of the big three today? >> well, it had been the lagger. it got the benefit when apple decided to defy gravity yesterday and that's going to be put to the test. as simon says, we have a product introduction. if that doesn't go as well as everyone hopes, it could compound things worse. >> it will be fine, i have faith. we'll cradle it in our arms like a small child. innovation is alive. >> hope is not a strategy. you can keep it with you but don't depend on it. >> art, thanks so much. art cashin. >> there's chatter this morning over "the new york times" article that fed chairman ben bernanke won't stay on. steve liesman is here to give us his take. >> "the new york times" article by andrew ross sorkin underscoring what's baked into the market. bernanke in his his last term as chairman having been appointed by president bush for the first and president obama for the second. th

gary kaminsky.news about jpmorgan in the past 24 hours. >> there has been. i'm standing here with judge. he's prepping for his show. he takes the best notes. >> it's called organization. >> judge, stay with it. the news today about bronstein, the cfo. sell side analystings are out there sort of saying this makes sense. there's a transition. blah, blah, blah. the interesting thing what they say in writing when it comes to jpmorg prkpmorgan and what they to their clinlt clients is totally different. there continues to be turnover for whatever reasons. there's not a clear succession path there. that's primarily the main thing long-term investors want to know. that has to do with the fact dimon is a larger than life ceo. we know about that. speaking of dimon, he was out yesterday saying a couple of things. i want to play a clip of what he said yesterday related to the bear stearns acquisition. >> we were asked to buy bear stearns. ed that -- >> carl, several weeks ago we called somebody out for trying t

yesterday, gary kaminsky was suggesting some of the big macro funds believe that romney if he wins will be bad for stocks and the economy. a, do you still think romney will win, i know you said before the last debate he will, and will he be good for stocks. >> ultimately he will be good for stocks, even if you don't go back on the gold standard. if you make it clear you're going to have a stable dollar again, that will go a long way to restoring and stabilizing the markets. you start getting capital creation again, and you start getting real investment. >> can you specifically make that link to people sitting at home. why would a stronger dollar make stocks stronger? >> because you get real investment again. you'd get real capital creation again. right now you're punishing savers, right now you make an investment, five, seven-year payout, a 10-cent dollar you get 40-cent? stocks reflect future income flows. if you don't know what they're going to be valued in, you get less future investment. investment for the future. >> an honor to have you in, sir. thank you very much. steve forbes as

gary kaminsky is on set. >> before the viewers say is kaminsky talking about junk again, why is he talking again. take a look at the five year chart of the jnk, the etf junk bond market index. i've been focused on it for a long time. it's a leading indicator for the equity markets forever and certainly been the case over the last five years. it's important to take a look at where things are now and if you pick up the business newspapers at the end of last week, over this past weekend you saw a lot of articles like this one from the "new york times" pointing out how investors continue to pile into the junk bond funds and the junk bond funds are creating demand for very bad junk bonds. there are good and bad junk bonds. management doesn't like me to do that. companies that could not have accessed the high yield market a year ago not only are they accesses the high yield market now they are selling bonds which may in some cases not even pay investors coupons and cash but paying them back in further bonds known as pick bonds. that's a bad thing. here's what you need to know. let's revisit a ch

. >> gary kaminsky joins us from goldman's headquarters with reaction to that in. >> i never tend tot me say this, we're fortunate timing wise to be here at this conference today. i wish i could share with you at tendees but this is a who's who of the institutional investing world. you do not build a client base like this if you don't do the right thing for clients. and that's simply the bottom line. as far as mr. smith is concerned, i would not be surprised that we never hear another word from mr. smith by the end of this week and guess what? if you want to buy his book it will be on sale at walmart for $2.99 by sunday so stay there, wait, could you buy it probably $2.99 if the publisher is lucky. i think we sort of ended that chapter as far as talking about a firm and whether or not they work for their clients, carl. >> i also asked him which he did not respond to as explicitly, gary, that the issues aren't over. there's some more litigation, there's more trials that are going to happen next year. i mean, the question will be whether the reputational costs have had a lid put on top

gary kaminsky, a lot of good conversations coming out of that g sam event you were at yesterday.. >> that's a good thing. you'll never know where i'm going to be at this time of day. that's fun. listen, yesterday tremendous conversation. one word kept coming up when i saw former colleagues and great portfolio managers, hedge fund managers. attribution. the way it is used within the mutual fund industry is not the way it is defined. this is one of those words ha the mutual fund industry likes to throw out at you to try to confuse you, the viewer. why do i bring this up? we've talked for some time about the way this year worked. if you didn't own apple it was like being short apple because you essentially missed that relative performance. here's an amazing statistic. the people over at convergence do a great job putting the info together. take a look at the dow. look at what the dow has done this year. relative contribution to the dow of five stocks. what's the point here? yeah, those five stocks creating 60% of the value. the fact is when you go and you go to an investment adviser

gary kaminsky, more on the departure.your take. >> let me run through some notes with you, obviously, i've tried to speak to as many people, shareholders, bankers, competitors, those that feel that they know something about what may have taken place on the board so let's go through a couple of thing, first want to point out as a great investor said to me this morning, this will only add to anxiety in terms of retail investinvestors. talking about the good citi quarter. a lot of the stock was up 5%, a lot of anticipation about what may be ahead. you wake up 24 hours later, ceo out, no discussion of this at all. i mean it just continues to add to this sort of casino mentality of what happens in the overall equity market. so a macro standpoint important to recognize, this will be another concern for retail investors of why the stock market is nothing more than a casino. now, let's go through what i have heard today. number one, there's a couple things to point out. remember that michael neil was brought in specifically to de

i was, and i've given money, i should say i'm sure "the drudge report" will say kaminsky is giving moneymoney but i also gave money to hillary clinton and if you look at all the political contributions i made pre-nbc it was all over the place. biden raised all of his money from the financial services industry. in scranton which he brings up all the time i'm told nine out of ten people will tell you in a poll they don't like the guy. he hasn't done anything but he brings it up constantly and i will also say i thought it was rude, i thought it was disgusting and extremely nasty the laughing, the smiling. i got to tell you, if i was paul ryan, i just, i have more respect for paul ryan today than i did yesterday. >> just for having survived the 90 minutes? >> i could not have sat there with the smirking and the laughing. i couldn't have done it. i would have gotten up and punched the guy in the face. >> we had david walker on last night who said the biggest negative points went to biden for not appearing vice presidential. >> i don't know what the american public is going to think. i could o